Status: Open for Enrollment
State Program Manager: Ascensus
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 6
Program Investment Institution(s): BlackRock, Schwab, and Vanguard; “Except to the extent of Federal Deposit Insurance Corporation (FDIC) insurance provided for the Debit/Checking Option, ABLE accounts will be subject to investment risks, including loss of the principal amount invested. ”
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: No.
State Income Tax Deduction: Yes. $3,387 of contributions per Account Owner are deductible for Iowa individual income tax purposes.
FDIC Insured: Yes
Account Disclosure Document(s):
Program at a Glance
Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
Is there a required minimum contribution to your account? If so, what is the amount?
Is there an annual set fee to maintain the account? If so, how much?
Yes. The current account maintenance fee is $45 annually payable at $11.25 quarterly. With paper statements, the annual fee is $60, payable at $15 quarterly.
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. A $2.00 monthly fee is associated with utilizing the debit card option, however the fee can be waived with an average daily balance over $250 or if enrolled in electronic statement delivery at Fifth Third bank.
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
- Fee Range
Annual Maintenance Fee:
The current account maintenance fee is $45 annually payable at $11.25 quarterly. With paper statements, the annual fee is $60, payable at $15 quarterly.
$2 as set forth in Appendix B to the Plan Disclosure Statement. This fee is waived if your Account has an average daily balance over $250 or if you are enrolled in electronic statement delivery
Investment Option Fee Range:
$3.40 to $3.70 on $1,000 investment per year.
Rolled into maintenance fee
- Annual Maintenance Fee: